Types of Negotiation

A Trading Session may involve two different types of trading: Auctions and Continuous Market.

In Auction trading, the Agents may post purchase and sales (bid/ask) orders for a specific product. Once the Auction has closed, MIBGAS integrates all the purchase and sales orders received, plotting, respectively, the purchase and sales curves for that product. The crossing point on both curves provides the Auction’s marginal price, which is applied to all the trades matched.

In Continuous Market trading, the orders are processed as they are posted on the Trading Platform. If a new order posted is competitive with pre-existing orders of the opposite sign in the Order Book, the order is matched with those orders and the Trade is firm; otherwise, it remains in the Order Book. If an order is conditional, the conditions specified for each one will be taken into account.

Each matching process gives rise to a firm Trade, which is saved, reported to the corresponding Technical Manager, settled and paid.



Main activity parameters of Organised Gas Market (December 2019)


MIBGAS doubled its annual trading volume again, overcoming 56 TWh in 2019